Restaurant tech provider Olo up after announcing layoffs

** Shares of restaurant technology provider Olo OLO up 3.2% at $5.34

** Olo to reduce its workforce by about 9%; company discloses in a filing

** Company says it intends to reinvest some savings from the job cuts into future growth initiatives and will continue to hire for critical roles

** Olo estimates that it will incur charges of about $2.2 mln to $2.6 mln for job cuts; expected to be incurred in Q3 FY24

** "We will continue focusing on driving ARPU (Average revenue per unit) by expanding relationships within our established base of 700+ restaurant brands" - CEO and founder Noah Glass, in a memo to employees

** The headcount reduction is not overly surprising, given that Olo's growth has somewhat slowed in recent years - brokerage William Blair

** Company had cut about 11% job roles in June last year

** As of Dec. 31, 2023, company had 683 employees operating across the U.S.

** Up to last close, stock down ~10% YTD